0549 GMT - Rising energy prices amid resilient macro data amplify headwinds for bond markets after key levels were taken out, Commerzbank's Christoph Rieger says in a note. "While the market has repeatedly been bought before around current levels it is difficult to see a swift change of dynamics in the current environment," the head of rates and credit research says. In late Monday trade, the 10-year Bund yield hit 3.219%, the highest since 2011, according to LSEG data. Commerzbank opts for a defensive stance for now, preferring steepeners. "They can work in both a bullish as well as a moderately bearish setting as central banks need to account for tightening financing conditions from historically high long-end yields," Rieger says.
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